SBUX Long Put Spread

This Trade Is

And all this time I thought “Game of Thrones” involved dice and commodes. Keen eyed fans of the HBO show spotted what appeared, and evidently was, a SBUX cup on a table in the scene. Coffee was “invented” in the 15th century, which I guess is well after the medieval setting. So, it’s not like the paper coffee cup could be excused as a character’s addiction. Everyone is saying that this is a huge amount of free advertising for SBUX. Let’s be honest, though. There can’t be many people watching HBO who don’t already drink SBUX and the real value of HBO’s error is likely very small. Since SBUX has been outperforming the broader market over this past week after its earnings, that might be as good an excuse as any for a bearish trade on it. If you are bearish on SBUX, the long put vertical that’s short the 75 put and long the 80 put in the June expiration with 44 DTE is a bearish strategy with a 58% prob of making 50% of its max profit before expiry and that even generates $.06 of positive theta.